A Banker Speaks, With Regret

http://www.nytimes.com/2011/12/01/opinion/kristof-a-banker-speaks-with-regret.html

---------- Forwarded message ----------
From: barry levine 
Date: Thu, Dec 1, 2011 at 9:22 AM
Subject: re: A Banker Speaks, With Regret
To: letters@nytimes.com


To the Editor:

    Lending money at interest is usually a profitable undertaking for those who control the money. It remains to be explained why the Federal Reserve--wielding Congress' power to create money--handed $13billion in profits to private banks.  If that interest were earned on the banks' own principal, they wouldn't have needed the Fed's intervention. If that interest was earned on the People's principal, surely it should have accrued to the People? Three times the U.S. has handed our monetary policy to a quasi-governmental central bank. In each case, it has enriched the few powerful bankers who controlled it. That seems a priority that rather less than 1% of Americans could endorse.

Barry Haskell Levine